Yahoo says Mexico appeals court throws out $2.75 billion ruling
MEXICO CITY (Reuters) - Yahoo Inc said on Thursday that a Mexican appellate court had thrown out a $2.75 billion ruling by a lower court against Yahoo and Yahoo Mexico in a contractual dispute with two Mexican firms.
The appellate decision overturned all monetary awards against Yahoo and upheld an award of $2.6 million in the original for Yahoo Mexico, the company said in a statement. It was not immediately clear when the court issued its ruling.
The original ruling late last year was equal to an estimated 40 percent of Yahoo's 2012 cash balance, and its scope and size perplexed the tech world.
The Mexican firms, Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V., had alleged breach of contract by Yahoo related to an online yellow pages listings service.
A Yahoo spokeswoman said in a statement that the company would not be commenting further on the case.
(Reporting by Michael O'Boyle)
- Rebellious Nevada rancher's slavery remarks dim Republican support
- Ukraine forces kill up to five rebels, Russia starts drill near border |
- Search for missing Malaysian jet may take years: U.S. official
- Boy and girl on Korean ferry drowned with life jackets tied together |
- Exclusive: Obama may call EU leaders in Russia sanctions push - sources